Tencent Drops Almost 2%, Losing Almost 20% Since April Peak

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Investing.com – Hong Kong-listed Index heavyweight Tencent Holdings Ltd (HK:) dropped almost 2% on Wednesday in Asia.

While there is no apparent trigger for the fall in prices today, Bloomberg said it might be related to Tencent’s decision to air National Basketball Association (NBA) games this month despite escalating tensions between the association and China.

China’s state broadcaster dropped NBA’s coverage this month, the first time it has not covered regular season games in at least a decade after Houston Rockets’ General Manager Daryl Morey published a tweet that defended Hong Kong protesters.

Tensions intensified further after NBA Commissioner Adam Silver said Beijing asked the association to fire Morey, which China said was “fabricated lies out of thin air” and that Silver will face “retribution.”

Tencent is due to report quarterly earnings in mid-November. Shares of the company dropped 1.9% to HK$321.4 by 12:57 AM ET (04:57 GMT).

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